Business Failure

 Business Failure Essay

Reflecting back in the interview with Jim Jones I would like to hide a few items that really was out to me personally in looking into being an entrepreneur. This items which lead to accomplishment in a business are: familiarity with the business, network, capitol, and that inter travel. For an individual to really become successful they need to understand the field they are trying to success. This is sold with time and encounter in that particular field. Much like Jim his first look at with running a business was after becoming in the field for over seventeen years. Being in the field as a " hand about man” you will get a valuable familiarity with what to expect on the day to day basis. Establishing amount of time in the field over the years you also gain the trust of people you operate around and they are better able to connect with what their demands are. This is critical when ever becoming within a higher situation over personnel. What Rick did not have was the understanding of the business aspect. Jim shortly found out it turned out more than just knowing the field great had issues dealing with the business side of things such as: •Permits

•Insurance

•Taxes

•Licensing

•Human Resource

•Technology

What also hurt Rick on his 1st trial at business was his network. It is important to look at all facets of where you're going to your materials, contractors, building engineers, this guy that guy…. And you have to get a relationship and name that may be known from day one. This is challenging to do in several business. 1 reason why many business are unsuccessful today. Polish capitol was one other boundary that factored into beginning a business. Rick had backside on the initial business plus he had " savings inside the hole”. It takes a lot to retain a business running and there are many times someone getting into a business an individual notices fees and financial situation going out as you did when you were during a call. It takes businesses usually in least two years or more to start seeing any kind of profit off their expense. The economy will play a big factor especially in these...

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